REG - CT Automotive Group - Update on FY22 preliminary results

CT AutomotiveAnnouncement

04/05/2023 07:00

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RNS Number : 3476Y  CT Automotive Group PLC  04 May 2023

4 May 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET
ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR").

CT AUTOMOTIVE GROUP PLC

("CT Automotive" or the "Company")

Update on FY22 preliminary results

Further to the Company's announcement on 27 April 2023, which included
unaudited summary financial information in respect of the financial year ended
31 December 2022 ("FY22"), potential adjustments have been identified as a
result of its ongoing statutory audit.  As a result of these adjustments, the
underlying loss before tax could be c.$15 million.

The audit remains ongoing and the Company will update the market in due
course.

The Company's net debt as at 31 December 2022 of $12.6 million is unchanged by
the above adjustments.  The £7.7 million (c.$9.6 million) fundraising
announced on 27 April 2023, subject to shareholder approval, will
predominately be used to strengthen the balance sheet.

As previously stated, trading in the first three months of the year has been
encouraging with strong customer demand and order books building into the new
financial year. As a result, the Board remains confident of achieving market
expectations for FY23.

 

For further information please contact:

CT Automotive

Simon Phillips, Executive Chairman
                           via MHP

Scott McKenzie, Chief Executive
Officer

Anna Brown, Chief Financial Officer

 

MHP (Financial PR)
                                           Tel: +44
(0)20 3100 8540

Tim Rowntree

Charlie Barker

CTAutomotive@mhpgroup.com (mailto:CTAutomotive@mhpgroup.com)

 

Liberum (Nominated Adviser and Broker)
                                Tel: +44 (0)20
3100 2000

Richard Lindley

Benjamin Cryer

 

Notes to editors

 

CT Automotive is engaged in the design, development and manufacture of bespoke
automotive interior finishes (for example dashboard panels and fascia
finishes) and kinematic assemblies (for example air registers, arm rests,
deployable cup holders and storage systems), as well as their associated
tooling, for the world's leading automotive original equipment suppliers
("OEMs") and global Tier One manufacturers.

 

The Group is headquartered in the UK with a low-cost manufacturing footprint.
Key production facilities are located in Shenzhen and Ganzhou, China
complemented by additional manufacturing facilities in Mexico, Turkey and the
Czech Republic.

 

CT Automotive's operating model enables it to pursue a price leadership
strategy, supplying high quality parts to customers at a lower overall landed
cost than competitors. This has helped the Group build a high-quality roster
of OEM end customers, both directly and via Tier One suppliers including
Faurecia and Marelli. End customers include volume manufacturers, such as
Nissan, and luxury car brands such as Bentley and Lamborghini. In addition,
the Group supplies electric car manufacturers, including Lucid. It has also
recently started working with e.Go Mobile, a German manufacturer which plans
to launch a series of small electric vehicles for the budget end of the
market.

 

The Group currently supplies component part types to over 47 different models
for 19 OEMs. Since its formation, the Group has been the only significant new
entrant into the market, which is characterised by high barriers to entry.

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